全球最大充电桩供应商万帮数字递表港交所：曾两次筹备A股IPO未果 2024年“增收不增利”

Core Viewpoint - Wanbang Digital Energy Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for R&D, global market expansion, production capacity enhancement, strategic investments, and working capital [1][2]. Financial Performance - In 2024, Wanbang Digital's revenue is projected to reach RMB 4.182 billion, a 20.4% increase from RMB 3.474 billion in 2023, but the net profit is expected to decline by 31.74% to RMB 336 million [9][13]. - The company's operating cash flow is expected to drop significantly from RMB 1.151 billion in 2023 to RMB 271.9 million in 2024, a decline of approximately 76.38% [11][9]. - The gross profit margin has decreased from 33.4% in 2023 to 29.2% in 2024, and further to 24.6% in the first three quarters of 2025 [14][13]. Product Pricing and Sales - The average selling price of direct current charging equipment fell by 8.92% from RMB 42,600 to RMB 38,861 per unit in 2024, while the average price of microgrid systems dropped by 27.72% from RMB 4.73 million to RMB 3.419 million [4][4]. - The revenue contribution from smart charging equipment and services has been declining, accounting for 92.4% in 2023, 77.9% in 2024, and 71.1% in the first three quarters of 2025 [2][3]. Customer and Market Dynamics - Wanbang Digital has established a network of 138 distributors, although revenue from distributors only accounted for 5.4% of total revenue in the first three quarters of 2025 [6][7]. - The company has significant related party transactions with Wanbang Taiyi Technology Co., Ltd., which is one of its top five customers, contributing RMB 278 million, RMB 203 million, and RMB 170 million to revenue during the reporting periods [20][20]. Historical Context and Future Outlook - Wanbang Digital has previously attempted to list on the A-share market but shifted its focus to the Hong Kong Stock Exchange for better access to international capital [20][20]. - The company has faced challenges with cash flow and profitability, raising concerns about its financial health moving forward [21].